The diffusion of governance standards in public corporate governance codes: Measurement framework and three countries comparison
研究开发了一个包含150个标准的测量框架，分析了奥地利、德国和瑞士60个公共公司治理准则中国际治理标准的扩散情况，发现不同准则和监管领域（如董事、审计）的扩散差异显著，政府应对类似治理挑战的反应各异。
Abstract Research Question/Issue This study analyzes the diffusion of internationally recognized governance standards in public corporate governance codes. Local, state, and federal governments issue very different codes for their state‐owned enterprises, which reflect governments' understanding of corporate governance. Research Findings/Insights Developing and applying a comprehensive measurement framework with 150 criteria to 60 public corporate governance codes in Austria, Germany, and Switzerland, the study shows that the diffusion varies considerably between codes and regulatory fields (e.g., directors, auditing). Governments react very differently to similar governance challenges and show varying degrees of willingness to regulate the corporate governance of their state‐owned enterprises. Theoretical/Academic Implications This study enhances the understanding of the diffusion of governance standards in the under‐researched context of government ownership. The findings imply the need for comprehensive measurement approaches to gain a nuanced theoretical understanding on the diffusion and underlying mechanisms. Future research could use the measurement framework or single regulatory fields to generate data to investigate different theoretical questions regarding many areas of corporate governance. Derived from the findings and neo‐institutional theory, the study develops propositions about potential drivers of diffusion differences, offering avenues for advancing future theory‐building. Practitioner/Policy Implications This study develops a comprehensive measurement framework to quantify the diffusion of governance standards in public corporate governance codes in international comparisons. Governments, standard‐setters, and other actors (e.g., directors, auditors) could use it for condensed overviews, implementing or revising codes, and reflecting on governance practices. Overall, data show a severe need to improve the quality of public corporate governance codes.